Thursday this week was big news in the technology space,
Microsoft Slashes 2,100 Jobs
On Thursday this week Microsoft CEO Satya Nadella, executed jobs cuts promised earlier in the year to optimise the company’s operations, engineering and management by cutting 2,100 jobs across the business.
The cuts are part of Microsoft’s program which was revealed earlier this year in July to slash 18,000 jobs globally throughout 2014, around 14 Percent of the Microsoft workforce. Read the official July memo announcing the cuts.
So far the layoffs have been broken down across Washington, California which included some from the Silicone Valley – Mountain View R&D facility.
With more to be expected across the purge over the year.
Larry Ellison Steps Down as Oracle’s CEO
Also on Thursday this week, technology entrepreneur Larry Ellison announced that he has agreed to step down as the CEO of Oracle, database and software technology giant that he founded in 1977.
Safra Catz and Mark Hurd the co-presidents of Oracal will take the joint role as CEO, managing Sales, business manufacturing and finance function.
Eliison remains as as the board’s chairman and chief technology officer.
Alibaba IPO prices at top of range, raising $21.8 billion
Alibaba Priced its IPO offering at $68 a share ,making it one of the highest ever initial public offering’s raising $21.8 billion on Thursday this week.
At that price, the IPO, one of the largest-ever, would give Alibaba a market valuation of $167.6 billion, surpassing American corporate icons from Walt Disney Co. The offering also vaults it atop U.S. e-commerce rivals like Amazon and eBay and gives it more financial firepower to expand in the United States and other markets.
Shares listed under (BABA.N) which begins trading this Friday.